MADRID – The European Commission said on Friday it had approved Italian toll-road operator Atlantia SpA’s proposed takeover of Spain’s Abertis Infraestructuras SA.

In a press release, the Commission said the proposed transaction raised no competition concerns due to the presence of significant competitors in the market, a lack of geographical overlaps between the two companies’ road networks and the fact that toll-road concessions are a highly regulated market.

Atlantia received approval for its 16.3 billion euros ($19.3 billion) offer from the Spanish market regulator on Monday. Any further suitors now have until Oct. 24 to submit rival bids.

Various media sources have reported that Spain’s Actividades de Construccion y Servicios SA is likely to launch a counterbid next week.

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